MultiChoice moves one step closer to being SOLD
South Africa's competition authority announced on Wednesday it had approved the buyout of Africa's largest pay TV enterprise MultiChoice by France's Canal+, which wants to expand its footprint on the continent.
The merger, which has been in the works for nearly a year, needs the final go-ahead from the commission's Competition Tribunal, it said in a statement.
Canal+ holds around 45 percent of MultiChoice's shares and offered last year to acquire the remainder for R125 per share.
Canal+ is present in 25 African countries through 16 subsidiaries and has eight million subscribers, according to the French group.
MultiChoice operates in 50 countries across sub-Saharan Africa and has 19.3 million subscribers, it says.
It includes Africa's premier sports broadcaster, SuperSport, and the DStv satellite television service.
'This is a major step forward in our ambition to create a global media and entertainment company with Africa at its heart,' Canal+ CEO Maxime Saada said in a statement.
The commission said its approval of the merger was subject to public-interest conditions worth about 26 billion rand over three years, including increasing the shareholding of people disadvantaged under South Africa's white-minority apartheid regime.
It will also maintain the MultiChoice headquarters in South Africa.
A date for the Tribunal's decision on the merger has not been announced, but Canal+ said it was aiming for the deal to be completed by early October.
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By Garrin Lambley © Agence France-Presse
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